USD Index Floats over 97 during Ukraine Woes, as Us President Focusses State of the Union

Updated:

The USD index undulates between 97.25 and 97.20 as traders expect US President (Joe Biden) first State of the Union during today’s Asian session.

The dollar measure musters the past day as the desire for risk worsen due to Ukraine-Russia news.

The Latest Developments and Key Points of Pay Attention
Recently, IMF(International Monetary Fund) and the world bank said that the war in Ukraine is creating a considerable amount of spillover effect in the countries, commodity prices increase, risk pushing more fueling inflation.

Also, Janet Yallen (US Secretary) said that the G7 will keep aiding the removal of Russia’s major financial companies from the SWIFT system. In addition, prepared comments for US President SOTU’s (State of the Union) speech indicate that he reiterated self-dependency to curb inflation, and at the same time condemning Russia’s attacks on Ukraine.

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It is important to note that peace talks between Russia and Ukraine isn’t over yet, and this keeps traders hopeful of a solution in the midst of recently applied force on Russia.

This may have aided the US Ten-Treasury yield doubling back yesterday’s losses near 1.75%, 4bps upwards. Also displaying a careful positivity in the market is the S&P 500 futures, moving by upward 0.33% in-day as at the time of publishing.

Going forward, the every two-year testimony of the US President about the State of the Union and the Federal Reserve System chairperson (Jerome Powell), will be very essential for traders to watch.

The US ADP employment switch for last month is also worth watching, as it is an early indicator for Friday’s NFP (non-firm-payroll).

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.